October 2018 Market Report: Consumer Demand Driving Housing Market

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 477 homes sold in October, 378 single-family homes and 99 condominiums. Median sales price was $479,900 for single-family homes and $347,500 for condominiums. Last October, 470 homes (373 single-family homes and 97 condos) sold at a median price of $430,000 for single-family homes and $299,850 for condominiums.

Year-to-date, 3,372 single-family homes have sold for a median price of $426,375 and 880 condominiums have sold for a median price of $300,000 – compared to last year through October, 3,556 single-family homes had sold for a median price of $397,000 and 899 condominiums had sold for a median price of $275,000.

Sales pending at the end of October were 362 for single-family homes and 89 for condominiums – a 6.7 percent decrease for single-family and a 11.9 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last October, there were 388 pending single-family homes and 101 pending condominiums.

“Median sales price hit a new all-time high in October, reaching $479,900. With inventory holding stable between 6 and 7 months since July, the conditions of the Cape market and the increase in sales price are being driven by strong consumer demand, rather than a shortage of inventory.” Noted Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®.

New listings in October for single-family homes were 538, and 113 for condominiums. This is a 10 percent increase, and a 4.6% increase respectively, from last October. Last October, there were 489 new listings for single-family homes, and 108 for condominiums.

Cumulative days on market for October decreased 10.1 percent for single-family homes compared to last October, shrinking from 109 days to 98 days. Condominiums also saw cumulative days on market decrease compared to last October, shrinking from 108 days to 94 days, a 13 percent decrease.

Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.

Town-by-town reports can be found at CapeCodRealEstateStats.com